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Bill C-74 : the CAMIC concerned about the power that would have the banks on the consumer

L’Association canadienne des compagnies d’assurances mutuelles (CAMIC) is concerned that the tabling of bill C-74 in the House of commons leads to an increase of power among the banks. The bank Act prohibits banks, with a few exceptions, provide the banking information of their clients to any insurance provider, including their subsidiaries. Bill C-74 seeks to amend this clause, to enable the bank to communicate information with the technology companies financial (fintech).

The president of the Association, Normand Lafrenière, reported in the Journal of the insurance that such a change could have a direct impact on the safety of consumers.

“What the banks cannot do in a single step, they can do so in two steps. There is concern that the banks transmit the information of their clients to entities that are not regulated and they send the information to insurance providers, for example. “

Increase the power of banks

Mr. Desmarais added that the current law prohibits banks from sharing information directly to providers of insurance, because the practice makes the consumer vulnerable, according to him. “It’s the same for fintech. There is a Chinese wall between the insurers and the banks currently. We are afraid that the fintech place between the two, ” he says.

Mr. Desmarais is also concerned that the grip of the banks on their customers is increasing. “It has always been said that the banks had a certain power with their client. If we take the case of a loan, as an example, we wouldn’t want the insurance mingle in the discussion. ”

Retain the current regulation

The Association asks the government to keep the regulation current without allowing the banks to share bank account information from customers with ” non-regulated “. It also requests that measures are put in place to ensure the safety of consumers.

Bill C-74 door the implementation of certain provisions of the budget tabled in Parliament on February 27, 2018. It brings among other changes to the tax Act on income and related texts, the Law on the Bank of Canada and the Law on the deposit insurance Corporation of Canada.